A Clayton cash cow is looking for a new owner, with a portfolio of eight townhouses across the road from Monash Medical Centre heading to market.
Built in 1990 by the vendor for use as student housing, 48-52 Kanooka Grove, about a 12-minute walk from the train station, is listed with a price guide of $6-$6.5 million.
Harcourts Oakleigh agent Heng Lim said the 1850sq m block, which holds 34 rooms rented out to students at nearby Monash University, had the potential to earn about $400,000 a year, with rooms rented out at $250 a week.
Even at the higher end of the price point, the rental yield would be above 6 per cent — more than double the average rental yield for Monash.
Rental yield is measured as annual rent return as a percentage of the property’s price.
“If I had that, I wouldn’t have to work — I’d hire someone to do all the work for me,” Mr Lim said.
“There’s a lot of potential buyers there, it’s just a matter of who sees the value.
We’ve had a few inquiries already, they want to invest for student accommodation — room by room rental, that’s where they see the value. The banks don’t give you that sort of return.”
The rental moneymaker was listed by the vendor because he planned to retire, Mr Lim said.
“They’ve just been collecting rent — he doesn’t have time to do it anymore — he’s retiring,” he said.
“Finding people for 34 rooms, it’s a lot of work too I guess.”
Mr Lim said he also planned to gauge interest from Monash Health in the residential growth zoned-block, with the health provider’s teaching university just across the street.
“They might want to do something suitable. It’s right across the road.”
Another townhouse on the block sold for $490,000 in November 2014, according to CoreLogic data.
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